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Sheth Family Faces $100M Ponzi Lawsuit | Philadelphia News
A father-son duo, Pankaj and Rajan Sheth, face federal charges for allegedly orchestrating a $100 million Ponzi scheme over three decades, using rundown hotels—including the notoriously poorly reviewed Penrose Hotel in South Philly—as collateral for fraudulent government-backed loans. The DOJ claims they funneled funds to pay off old debts and enrich themselves, exploiting even COVID-19 relief money, while spinning up shell companies to keep control of properties through legal delays. Rajan denies all allegations, calling their work legitimate distressed-property revitalization and asserting…
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